The medical marijuana market is expected to boom by 2026 due to the increasing legalization of cannabis globally. The inhalation sub-segment is predicted to be very lucrative. Market in North America the region to witness better opportunities for growth.
NEW YORK, January 25, 2023 /PRNewswire/ — Research Dive has added a new report to its offering titled “Medical Marijuana Market by Application (Pain Control, Muscle Spasms, Nausea, Anorexia, Seizures, Other), By Route of Administration (Inhalation, Oral Topical), By distribution channel (dispensaries, online), regional analysis (North America, Europe, Asia and the PacificLAMEA) Global Industry Opportunity Analysis and Forecast, 2019-2026″.
According to the report, the global medical marijuana market is expected to garner revenue from $33,211.7 million and growing at a CAGR of 27.4% during the forecast period 2019-2026.
Drivers: The increasing legalization of cannabis by governments in several countries is predicted due to its benefits, along with the increasing demand of people for pain management are some of the factors that are predicted to drive the growth of the global medical marijuana market during the forecast years. Furthermore, the widespread use of marijuana extracts for clinical purposes is expected to drive the market growth by 2026.
Possibilities: The huge expansion of the medical marijuana market in the North American region and its legalization is the major factor that is expected to offer ample opportunities for the growth of the global medical marijuana market over the years of analysis. Moreover, the increase in research and development related to marijuana is expected to accelerate the development of the market till 2026.
Limits: Insufficient information about cannabis in developing countries is the main factor hindering the growth of the market.
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The report segments the global medical marijuana market into various segments based on application, route of application, distribution channel, and region.
According to the application, the pain management sub-segment is projected to have the highest growth rate and register revenue of $13,882.5 million during the forecast period. This huge growth is due to the increasing demand for pain relief among cancer patients worldwide as it is the most difficult problem faced by doctors.
By way of administration, the inhalation sub-segment is projected to garner revenue from $23,082.2 million during the forecast period 2019-2026 due to some major advantages such as reduced harmful emissions and their faster effects. In addition, the widespread use of cannabis for the treatment of asthma is another factor to strengthen the growth of the sub-segment by 2026.
By distribution channel, the dispensary sub-segment is estimated to hold a dominant market share and generate revenue of $24,443.8 million by 2026. Reduced penalties for cannabis consumption in many countries and policies to legalize marijuana globally are some factors driving the growth of the sub-segment.
By region, the medical marijuana market in North America The region is expected to witness immense growth opportunities and grow at a CAGR of 25.6% during the forecast period due to the legalization of marijuana by the government and various marijuana programs in the region to motivate good public health.
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Key players in the market
Some key players in the medical marijuana market include
These players are working on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support market growth.
For example, in July 2022Cilicon, a leading provider of cannabis vape technology and manufacturing, has announced the launch of its partner program to help cannabis vaporizer organizations upgrade their product portfolios, reduce product inventory costs and strengthen their footprints in the competitive marketplace.
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The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and recent strategic developments.
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About Research Dive
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